Sellers remain in control
The price of bitcoin moved lower after China continues to put the pressure on crypto mining. The low reach $31,700.
Looking at the hourly chart, the lows did dipped below a lower channel trend line (currently at $32,080), but was not able to extend toward the earlier June low price at $31,025 (from June 8).
The May 23 low comes in at $31,107. The May 19 low reached $30,066. All are downside targets going forward.
The low price for 2021 came in at $27,734 back in January. The February low was $28,800.
The current price is around 50% from the all-time high price reached in April at $64,895. The last 68 bars as taken the price down $-32,130.